The International Air Transport Association (IATA) has announced the launch of IATA MRO SmartHub, an online tool that it claims will bring much needed transparency to the market for aircraft components and parts. It will enable subscribing airlines and maintenance, repair and overhaul (MRO) providers to transparently list items to buy or sell on the new platform and will reduce over-payments by making the assessment of fair market value (FMV) more accurate.The total MRO market is estimated to be $81.9 billion annually, a significant portion of which is attributed to material costs. IATA MRO SmartHub is expected to shave 10-15%

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